Exposure drafts outstanding.

(This list was compiled as of May 1, 2005. For exposure drafts issued after that date, consult The CPA Letter.

Note: The policy for updating the list of exposure drafts is that a document should remain on the list until a final document has been issued or the project has been dropped. However, no comments will be received after the comments deadline has expired.

The list is not all-inclusive but is intended to present the exposure drafts of particular interest to professional accountants.)

Issue                                           Comment
Date       Title or Description                 Deadline

FASB

4/28/05    The Hierarchy of Generally           6/27/05
           Accepted Accounting Principles

6/23/04    Fair Value Measurements               9/7/04

12/15/03   Earnings per Share--an amendment     4/13/04
           of FASB Statement No. 128

12/15/03   Accounting Changes and Error         4/13/04
           Corrections--a replacement of
           APB Opinion No. 20 and FASB
           Statement No. 3

6/10/03    Qualifying Special-Purpose           7/31/03
           Entities and Isolation of
           Transferred Assets-an
           amendment of FASB
           Statement No. 140

10/27/00   Proposed Amendment to                3/31/01
           FASB Concepts Statement
           No. 6 to Revise the
           Definition of Liabilities, an
           Amendment of FASB Concepts
           Statement No. 6

10/27/00   Accounting for Financial             3/31/01
           Instruments with
           Characteristics of
           Liabilities, Equity, or Both

12/14/99   Reporting Financial                  5/31/00
           Instruments and Certain
           Related Assets and Liabilities
           at Fair Value (preliminary
           views)

2/23/99    Consolidated Financial               5/24/99
           Statements: Purpose
           and Policy

AcSEC (AICPA)

11/29/04   Proposed Statement of                 1/7/05
           Position, Accounting by
           Insurance Enterprises for
           Deferred Acquisition Costs
           on Internal Replacements

6/19/03    Proposed Statement of                9/19/03
           Position, Allowance for
           Credit Losses

12/17/02   Proposed Statement of                3/31/03
           Position, Clarification of
           the Scope of the Audit
           and Accounting Guide
           Audits of Investment
           Companies and Accounting
           by Parent Companies and
           Equity Method Investors
           for Investment in
           Investment Companies

ASB (AICPA)

3/2/05     Proposed Statement on                5/15/05
           Auditing Standards:
           Defining Professional
           Requirements in Statements
           on Auditing Standards
           and Proposed Statement
           on Standards for
           Attestation Engagements:
           Defining Professional
           Requirements in Statements
           on Standards for
           Attestation Engagements

1/12/05    Proposed Statement on                5/15/05
           Auditing Standards:
           Audit Documentation

3/18/03    Proposed Statement                   5/30/03
           on Auditing Standards,
           Communication of Inter-
           nal Control Related
           Matters Noted in an Audit

3/18/03    Proposed Statements on Audi-         5/15/03
           ting Standards and Statement
           on Standards for Attestation
           Engagements Related to
           Internal Control: Auditing
           an Entity's Internal Control
           Over Financial Reporting
           in Conjunction With the
           Financial Statement Audit;
           Amendment to Statement on
           Auditing Standards No. 100,
           Interim Financial Information;
           and Reporting on an Entity's
           Internal Control over
           Financial Reporting *

12/2/02    Proposed Statements                  4/30/03
           on Auditing Standards:
           Amendment to Statement
           on Auditing Standards
           No. 95, Generally Accep-
           ted Auditing Standards;
           Audit Evidence; Audit
           Risk and Materiality in
           Conducting an Audit;
           Planning and Supervision;
           Understanding the Entity
           and Its Environment and
           Assessing the Risks of
           Material Misstatement;
           Performing Audit Proce-
           dures in Response to
           Assessed Risks and Evalua-
           ting the Audit Evidence
           Obtained; and Amendment
           to Statement on
           Auditing Standards No.
           39, Audit Sampling

ARSC (AICPA)

3/18/05    Proposed Statement on                6/10/05
           Standards for Accounting
           and Review Services:
           Compilation of Specified
           Elements, Accounts or
           Items of a Financial
           Statement and Pro Forma
           Financial Information

3/18/05    Proposed Statement on                6/10/05
           Standards for Accounting
           and Review Services:
           Restricting the Use of an
           Accountant's Compilation
           or Review Report

3/18/05    Proposed Statement on                6/10/05
           Standards for Accounting
           and Review Services:
           Omnibus Statement on
           Standards for Accounting
           and Review Services-2005

OTHER (AICPA)

4/18/05    Proposal of Professional             6/17/05
           Ethics Division
           Interpretations and
           Rulings

3/30/05    Proposed Statement on                6/15/05
           Standards for Valuation
           Services, Valuation of
           a Business, Business
           Ownership Interest, Security,
           or Intangible Asset

9/20/04    XBRL US Financial Reporting          11/19/04
           Taxonomy Framework

11/15/02   Proposed Tax Standards               4/30/03
           Interpretation 1-2, "Tax
           Planning," of Statement
           on Standards for Tax
           Services No. 1, Tax
           Return Positions

11/l/01    AICPA/NASBA Uniform                  12/31/01
           Accountancy Act and
           Uniform Accountancy
           Act Rules

3/7/01     Statement on Standards for            8/1/01
           Continuing Professional
           Education Programs

SEC

4/15/04    Use of Form S-8 and Form              6/7/04
           8-K by Shell Companies;
           Release No. 34-49566

3/11/04    First-Time Application               4/19/04
           of International Financial
           Reporting Standards;
           Release Nos.: 33-8397;
           34-49403; International
           Series Release No. 1274
           (See Correction 3/18/04;
           Release Nos. 33-8397A;
           34-49403A; International
           Series Release No. 1274A)

6/26/02    Framework for Enhancing               9/3/02
           the Quality of Financial
           Information Through
           Improvement of Oversight
           of the Auditing Process;
           Release Nos. 33-8109;
           34-46120;35-27543;
           IA-2039; IC-25624

5/10/02    Disclosure in Management's           7/19/02
           Discussion and Analysis
           about the Application
           of Critical Accounting
           Policies (Release Nos.
           33-8098; 34-45907)

4/12/02    Form 8-K Disclosure                  6/24/02
           of Certain Management
           Transactions; Release
           No. 33-8090

4/12/02    Form 8-K Disclosure of               6/24/02
           Certain Management
           Transactions; Release
           No. 34-45742

2/18/00    SEC Concept Release:
           International Accounting             5/23/00
           Standards

1/21/00    Supplementary Financial              4/17/00
           Information

GASB

3/25/05    Accounting and Financial             6/24/05
           Reporting for Pollution
           Remediation Obligations
           (preliminary views)

12/10/04   Accounting for                       3/11/05
           Termination Benefits

IFAC

4/15/05    Proposed International               7/15/05
           Education Standard for
           Professional Accountants,
           "Competence Requirements
           for Audit Professionals"

3/22/05    Proposed International               7/31/05
           Standard on Auditing 600
           (Revised), "The Audit
           of Group Financial
           Statements"

3/22/05    Proposed ISA 260                     7/31/05
           (Revised), "The Auditor's
           Communication with
           Those Charged with
           Governance"

3/22/05    Proposed ISA 705 and                 7/31/05
           ISA 706, "Modifications
           to the Opinion in the
           Independent Auditor's
           Report and Emphasis of
           Matter Paragraphs and
           Other Matters Paragraphs
           in the Independent
           Auditor's Report"

2/4/05     Proposed International               6/15/05
           Public Sector Accounting
           Standard, "Financial
           Reporting Under the Cash
           Basis of Accounting-
           Disclosure Requirements
           for Recipients of
           External Assistance"

12/20/04   Proposed ISA 320 (Revised),          4/30/05
           Materiality in the
           Identification and
           Evaluation of Misstatements"

12/20/04   Proposed ISA 540                     4/30/05
           (Revised), "Auditing
           Accounting Estimates
           and Related Disclosures
           (Other than Those
           Involving Fair Value
           Measurements and
           Disclosures)"

11/9/04    International Guidelines             2/28/05
           on Environmental
           Management Accounting
           (EMA)

10/5/04    Proposed Revised Code of             11/30/04
           Ethics for Professional
           Accountants

9/23/04    Policy Statement,                    12/31/04
           Clarifying Professional
           Requirements in Interna-
           tional Standards" and
           Consultation Paper,
           Improving the Clarity and
           Structure of IAASB
           Standards and Related
           Considerations for
           Practice Statements"

9/23/04    ISA 230 (Revised),                   1/31/05
           Audit Documentation
           and amendments to
           ISA 330, "The Auditor's
           Procedures in Response
           to Assessed Risks" and
           ISQC 1, "Quality Control
           for Firms that Perform
           Audits and Reviews of
           Historical Financial and
           Other Assurance and Rela-
           ted Services Engagements"

7/14/04    Preface to the Internatio-           10/15/04
           nal Standards on Quality
           Control, Auditing, Assurance
           and Related Services-
           IAASB Due Process and
           Working Procedures

1/20/04    Revenue from Non-                    6/30/04
           Exchange Transactions
           (Including Taxes and
           Transfers)

1/20/04    Accounting for Social                6/30/04
           Policies of Governments

12/23/03   ISA 600 (Revised), "The              3/31/04
           Work of Related Auditors
           and Other Auditors in the
           Audit of Group Financial
           Statements" and IAPS,
           The Audit of Group
           Financial Statements"

12/22/03   ISA700 (Revised), "The Inde-         3/31/04
           pendent Auditor's Report on
           a Complete Set of General
           Purpose Financial Statements"
           ISA 200, "Objective and
           General Principles Governing
           an Audit of Financial State-
           ments" Amendment to ISA 210,
           "Terms of Audit Engagements"
           Conforming Amendments

11/11/03   Revision to Code of Ethics           2/15/04
           for Professional Accountants

7/18/03    Proposed Revised Code of             11/30/03
           Ethics for Professional
           Accountants

6/24/03    Proposed International Stan-         9/30/03
           dard on Auditing: "Review
           of Interim Financial Infor-
           mation Performed by the
           Auditor of the Entity"

FASAB

4/26/04    Inter-Entity Cost Implemen-          7/31/04
           tation: Amending SFFAS 4,
           "Managerial Cost Accounting
           Standards and Concepts"

4/21/03    Accounting for Fiduciary             7/31/03
           Activities

GAO

10/6/04    Guidance on GAGAS                    11/30/04
           Requirements for Continuing
           Professional Education
PCAOB

At the present time PCAOB exposure drafts have very short
comment periods. A list of outstanding PCAOB exposure drafts
is available online at www.pcaobus.org.

New additions appear in bold type.

* This exposure draft has been submitted to the Public Company
Accounting Oversight Board for its consideration as auditing
and attestation standards.

INFORMATION

The initials stand for the following organizations. Exposure drafts are available online at the Web addresses below or copies may be obtained at the address in parentheses (unless otherwise indicated).

FASB--Financial Accounting Standards Board (Order Department, Financial Accounting Standards Board, 401 Merritt 7, PO. Box 5116, Norwalk, CT 06856-5116); also available online at www.fasb.org

GASB--Governmental Accounting Standards Board (Order Department, Governmental Accounting Standards Board, 40l Merritt 7, P.O. Box 5116, Norwalk, CT 06856-5116); also available online at www.gasb.org

AICPA--American Institute of CPAs (American Institute of Certified Public Accountants, Harborside Financial Center, 201 Plaza Three, Jersey City, NJ 07311-3881). AICPA publishes exposure drafts exclusively on the Web site at www.aicpa.org. Print copies are not available.

IASB--International Accounting Standards Board (International Accounting Standards Board, 30 Cannon Street, London EC4M 6XH, United Kingdom), also available online at www.iasb.org.uk

IFAC--International Federation of Accountants (International Federation of Accountants, 545 Fifth Avenue, 14th Floor, New York, NY 10017); also available online at www.ifac.org

SEC--Securities and Exchange Commission (Securities and Exchange Commission, 450 5th Street, N.W. Washington, DC 20549); also available online at www.sec.gov

FASAB--Federal Accounting Standards Advisory Board (Federal Accounting Standards Advisory Board, 441 G Street, N.W. Suite 6814, Washington, DC 20548); also available online at www.fasab.gov

GAO--U.S. Government Accountability Office (Government Auditing Standards Comments, Marcia B. Buchanan, U.S. General Accounting Office, Room 5089, 441 G Street, N.W. Washington, DC 20548); www.gao.gov

PCAOB--Public Company Accounting Oversight Board, 1666 K Street, N.W. Washington, DC 20006-2803; [e-mail]

AICPA TECHNICAL HOTLINE

The Technical Information Service answers inquiries about specific audit or accounting problems. Call toll-free 888-777-7077 or e-mail query to [e-mail]. This service is flee to AICPA members.